Increasing Temperature Due to Global Warming and a Change in Consumers' Point of View are Boosting the Growth of the Personal Cooling Devices Market during the Forecast Period 2022-2027

The Personal Cooling Devices Market size is forecasted to reach US$10.2 million by 2027, growing at a CAGR of 5.8% from 2022 to 2027. The growth of the personal cooling devices market is majorly driven by factors such as a broad range of cost-effective and easy-to-operate products, high affordability and the portability of these devices. Additionally, the increasing number of energy-saving technologies for cooling devices and increased penetration of distribution channel to cater to the increasing consumer demand, has significantly contributed to the growth of the Personal Cooling Devices Market.

Moreover, rising global temperature due to global warming and an increase in disposable income have increased the consumer demand for personal cooling devices. As the health immunity of elders and newborns is declining due to rising temperatures and harsh weather, consumers are treating personal cooling devices as a necessity rather than a luxury item. Demand for energy-efficient cooling systems in residential buildings, increasing infrastructure and smart city projects are driving the demand for personal cooling devices. According to World Health Organization, heat stress due to climatic conditions is expected to result in additional 38,000 deaths per year between 2030 to 2050. 

The North American Personal Cooling Devices Market held a significant market share of 23% in 2021. The growth of the personal cooling devices market in this region is driven by several energy efficiency policies and growing consumer demand for personal cooling devices. People's perceptions of personal cooling devices have shifted as a result of global warming. This has increased the demand for all types of personal cooling devices, making them more of a necessity than a luxury. As a result, the region's demand for personal cooling devices has skyrocketed.

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Personal Cooling Devices Market Growth Drivers:

Rapid Growth of the Automotive Sector and Applications of Personal Cooling Devices in Automobiles:

Increased use of vehicles such as passenger cars, commercial vehicles and heavy-duty vehicles drives up demand for personal cooling systems. Factors such as globalization, urbanization, rising per capita income of the consumers, blooming population and changing lifestyle of middle-class families are some of the major factors which are expected to boost the demand for automobiles. This, in turn, would boost the adoption of personal cooling systems during the forecast period. According to OICA, in 2021, the production of cars and commercial vehicles was 80.1 million units. This huge demand would foster the demand for personal cooling devices in vehicles. Additionally, demand for electric and hybrid vehicles is soaring across the globe, thereby creating opportunities for the growth of the Personal Cooling Devices market during the forecast period.

The Major Players in this Market

Major players in the Personal Cooling Devices Market include Honeywell International Inc, Daikin Industries, Samsung, Panasonic, Havells, Blaux, Haier, Carrier and Lakeland. In January 2021, Samsung launched large capacity variable refrigerant flow air conditioning systems that can be installed in just 0.5 square meters of space in premium apartments, bungalows, villas, houses as well as commercial and retail establishments.